Explorer and developer QEM (ASX:QEM) stated on Monday (December 23) that its Julia Creek vanadium and power mission has received coordinated project status from Queensland’s Workplace of the Coordinator-Basic.
In accordance with QEM, the declaration will permit the workplace to facilitate regulatory approvals.
The corporate has been working for the final 24 months on environmental baselines wanted for Julia Creek’s environmental affect assertion (EIS), and can now begin making ready draft phrases of reference for the EIS.
“Coordinated Undertaking standing is one other main milestone for QEM and I welcome the continued help from the Queensland Authorities for brand new and expanded mining alternatives and high-value industries, notably in regional Queensland,” stated QEM Chairman Tim Wall within the firm’s press launch.
Jarrod Bleiji, deputy premier and minister for state growth, infrastructure and planning, said the declaration “is one other instance of how Queensland is now open for enterprise underneath the Crisafulli LNP Authorities.”
Julia Creek is positioned in Northwest Queensland, the place it covers 250 sq. kilometres. QEM says the asset is “one of many single largest vanadium deposits on the earth at the moment.”
Its useful resource at present stands at 2,870 million tonnes at 0.31 p.c vanadium pentoxide (V2O5), with 461 million tonnes at 0.28 p.c V2O5 within the indicated class and a couple of,406 million tonnes at 0.31 p.c V2O5 within the inferred class.
A scoping study launched on August 27 reveals that the mission goals to supply roughly 10,571 tonnes of 99.95 p.c pure V2O5 and 313 million litres of transport gas yearly over a 30 12 months mine life.
The corporate has stated Julia Creek has the potential to create as much as 600 jobs over a two 12 months building interval and roughly 588 everlasting jobs throughout its operational section.
“The twin-commodity nature of our mission seeks to handle two pressing wants: long-duration power storage and home gas safety,” commented QEM Managing Director Gavin Loyden on Monday.
“The adoption of vanadium move batteries is accelerating world wide, and Queensland is uniquely positioned to ascertain a ‘pit to battery’ manufacturing worth chain. QEM will increase its participation on this worth chain by processing its vanadium pentoxide into vanadium electrolyte for long-duration batteries,” he furthered.
QEM accomplished a AU$2.76 million capital raise for the mission on October 26, with new shares and choices issued to help progress on a prefeasibility study.
Development is slated for early 2028, whereas a commissioning and operational section is ready for late 2029.
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Securities Disclosure: I, Gabrielle de la Cruz, maintain no direct funding curiosity in any firm talked about on this article.
